Both reports are being watched closely ahead of Friday's jobs report from the government, which is expected to show 320,000 jobs were dropped from nonfarm payrolls in July, following a loss of 467,000 in June.

Still to come: The ISM will deliver its reading on the services sector at 10am ET — economists expect to see a reading of 48, compared with June's 47. Factory orders are also due out at 10 and are expected to be unchanged.

At 10:30am, weekly crude inventories are due out from the Energy Department.

The big earnings news this morning was from Procter & Gamble. The company, which makes Tide laundry detergent and Pampers diapers, beat expectations but delivered a cautious outlook for the current quarter.

Cisco is also going to be in focus today ahead of earnings from the tech bellwether, due out after the bell today.

Stocks that may move today following after-the-bell releases on Tuesday include Kraft Foods , which beat estimates, and Electronic Arts , which reported a smaller than expected quarterly loss.

Whole Foodsalso beat estimates with its latest numbers.

President Obama delivers remarks on the economic outlook in Wakarusa, Indiana — he's scheduled to speak at 11:55 am New York time.